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Composite Frac Plug Market On-going Demand and Forecast Till the End of 2030
2/9/2022
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Composite frac plug is specially designed and manufactured using composite materials such as epoxy materials, thermoplastic, and resins
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Composite frac plug provides zonal isolation of the wellbore during multistage simulation treatments and helps isolate the hydrocarbon zones. It also provides zonal isolation between two hydrocarbon zones in vertical, deviated, and horizontal drilled wells.
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Composite frac plugs are rated to be used in the environment having high temperature and pressure such as up to 180
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o
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c and 12,000 psi pressure, respectively
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The composite frac plug comprises components such as lower cone, lower slip, mule shoe, upper slip cone, which are mounted on a wireline adapter kit
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Key Drivers of Global Composite Frac Plug Market
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The composite frac plug offers numerous benefits as compared to conventional frac plugs. In case of composite frac plug, the overall installation process is easy, and it is simple to operate. The composite frac plug reduces mill-out time and mitigates stimulation operational issues due to debris. It is also suitable for multi-stage, horizontal wells.
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The composite frac plug is light and has shorter pump downtime as compared to conventional frac plugs. The factors mentioned above are anticipated to drive the
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in the next few years.The COVID-19 pandemic has significantly impacted the oil gas sector. Oil prices have been declining due to failed agreements. Demand for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil gas companies are reducing capital and operational expenditures. Moreover, the supply chain of raw material is highly disrupted. This is expected to hamper the demand for composite frac plugs.
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Weatherford, a global oilfield service company, introduced TruFrac composite frac plug. The TruFrac composite frac plug enhances the efficiency of plug-and-perf completion operations by reducing time on location. The TruFrac composite plug is optimized to provide a significantly short, smooth plug, resulting in faster run in-times and reduced mill-out times due to its limited metal content and reduced cutting size, which allows a cleaner well.
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Based on region, the global composite frac plug market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East Africa
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North America dominated the global composite frac plug market in 2019. The trend is projected to continue during the forecast period owing to the presence of ample unconventional reservoirs in the region. Furthermore, a large number of crude oil and natural gas oils are present in the region.
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North America has abundant shale gas reserves that are attracting upstream companies from various regions, as shale gas is a green and clean fuel as compared to coal and oil
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Middle East Africa is anticipated to account for a major share of the global composite frac plug market during the forecast period. Countries in the region such as Egypt, Jordon, Saudi Arabian, Algeria, and Tunisia are planning to start shale gas extraction.
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The market in Europe is estimated to expand at a healthy pace owing to a ban on conventional hydraulic fracking in Germany, France, Netherland, Scotland, and Bulgaria due to pollution norms and regulations in these countries
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The market in Asia Pacific is estimated to expand at a moderate pace during the forecast period. In China, the demand for fracking is rising in order to reduce the dependency on foreign energy sources. The market in Latin America is estimated to expand at a sluggish pace during the forecast period, owing to low technological advancement in the oil gas sector in the region.
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